ISPT sells 522 Flinders Ln car park

Industry Superannuation Property Trust has sold a 10-level Melbourne CBD car park.

The 522 Flinders Lane property collected $38 million.

It abuts the large, vacant 567 Collins Street site earmarked to become a major office investment once APN and Leighton can find pre-commitments.

The ISPT property traded at price reflecting a 7.96 per cent yield.

The purchaser is a private investor who owns another car park, marketing agency Knight Frank said.

In the past year, the same vendor has offloaded retail assets in Sydney and Hobart, and a portion of The Age’s outgoing Spencer St headquarters.

ISPT chief executive Daryl Browning told the AFR proceeds will be used for other projects.

The Melbourne fund manager and developer is reduce its office weighting in preference for retail.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of realestatesource.com.au.

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